Questions: 10:15 learning.mheducation.com Mc Graw Hill 44 of 59 Concepts completed (i) Multiple Choice Question What is the function of revenue tariffs? To prevent dumping To limit imports of goods and services To raise money for the government To reduce the retail price of imported products so that domestic goods are competitively priced Need help? Review these concept resources. 目 Read About the Concept Rate your confidence to submit your answer.

The answer is: To raise money for the government

Dumping refers to the practice of exporting goods at a price lower than the home market or below the cost of production. While tariffs can be used to counteract dumping, revenue tariffs are primarily designed to generate income for the government rather than specifically prevent dumping.

While some tariffs are designed to limit imports, these are typically known as protective tariffs. Revenue tariffs, on the other hand, are primarily intended to raise government revenue rather than restrict imports.

This is the primary function of revenue tariffs. They are imposed on imported goods to generate income for the government without necessarily aiming to restrict the volume of imports.

This option is incorrect because tariffs generally increase the cost of imported goods, making them more expensive rather than reducing their retail price. This can indirectly make domestic goods more competitive, but it is not the primary function of revenue tariffs.